CoverWallet Raises $2M in Seed Round with Two Sigma Ventures, Others
Coming out of stealth mode this week, New York-based CoverWallet, an online business insurance manager, said it raised $2 million in a seed round with Two Sigma Ventures, Highland Capital Partners, Founder Collective, and angel investors.
CoverWallet specializes in serving small businesses that need help navigating commercial insurance. Its co-founder and CEO, Inaki Berenguer, was a co-founder and chief executive of photo app-turned-digital media publisher Pixable, which was acquired in 2012 by SingTel and then shut down in late 2015.
CoverWallet said it adopted a design and approach comparable to online services for managing banking, payroll, and other services—something that the company asserts had been lacking in the insurance industry. The startup’s software platform offers risk analysis, coverage recommendations, claims support, and data analytics.